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Nov 30, 2012
11/12
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>> i think most people aren't focused on this, the payroll tax holiday will expire, so that's a 2% tax increase. but i don't think most people even realize they got the tax cut and it's one of the reasons why it will go away because policymakers aren't getting any credit for it. >> so if we they mathematically it will be a hit to gdp, is it going to be something that the economy gets knocked off course is this>> i think the final deal will have fiscal drag in it. the expiration of the payroll tax holiday will be part of that. emergency unemployment insurance program will expire. and of course that higher tax rate on upper income households. >> a lot of people will be without those job rest benefits. >> and if you look at all the stimulus that's been provided since the recession hit will, part of that is emergency unemployment insurance. yeah. so that's been a big part of it. it is winding down because unemployment in the united states is declining. and people have run out of time. >> how important was the ability to raise the debt limit without hitting the ceiling constantly? >> the de
>> i think most people aren't focused on this, the payroll tax holiday will expire, so that's a 2% tax increase. but i don't think most people even realize they got the tax cut and it's one of the reasons why it will go away because policymakers aren't getting any credit for it. >> so if we they mathematically it will be a hit to gdp, is it going to be something that the economy gets knocked off course is this>> i think the final deal will have fiscal drag in it. the...
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Dec 13, 2012
12/12
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do you have ya bank says these searches relate to ongoing investigations over tax revacation and the trading of ceo2 trading certificates. two board members are involved in the investigate. >>> barclay's looks set to become the latest bank to cut jobs at its investment banking unit. according to the "wall street journal," as many as 2,000 jobs are set to go as part of a restructuring plans. the cuts will be announced early next year. >>> and in australia, grain corp. says it's sweetened $2.9 billion bid for archer daniels midland is still not enough -- by archer daniels that should be. there could be another offer, but it's unlikely to be higher than what's already on the table. the two companies are keeping their lines of communication open. check in on shares on the news, grain corp. shares down about .6%. archer daniels yesterday in the u.s. higher by about .2%. >>> in japan, a couple of big banks are making moves into the asia. ono-san. >> hi. the bank of tokyo mitsubishi is set to buy a 20% stake in vietnam's second largest bank. the vietnamese government around $720 million for
do you have ya bank says these searches relate to ongoing investigations over tax revacation and the trading of ceo2 trading certificates. two board members are involved in the investigate. >>> barclay's looks set to become the latest bank to cut jobs at its investment banking unit. according to the "wall street journal," as many as 2,000 jobs are set to go as part of a restructuring plans. the cuts will be announced early next year. >>> and in australia, grain corp....
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Jun 29, 2012
06/12
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>> a lot of tax issues. there's been an independent report on tax. the important thing is to make sure that the providence is maintained. we look after that wine as if it's gold, liquid gold. >> and also regulation. pretty unregulated market. how can investors actually make sure they are dealing with someone that won't rip them off. >> that's a great question. if you look at the market now 1% of the population, investment population, i believe will get 10% regulation. we are the brokers now to put self-regulation together. i would like to come back on the shine september and launch it. >> i was going to say what's the -- the chinese big buys? they are buying the really brand labels. they say opportunity in the lesser houses that come from the same area in the same years. >> that's a great question. we were looking at growth brands, the chinese, as you know, are really brand conscious and more interesting in the brand when they offer the gifts than what it tastes like and that's leading the market now. >> i think that tells you a lot about the people
>> a lot of tax issues. there's been an independent report on tax. the important thing is to make sure that the providence is maintained. we look after that wine as if it's gold, liquid gold. >> and also regulation. pretty unregulated market. how can investors actually make sure they are dealing with someone that won't rip them off. >> that's a great question. if you look at the market now 1% of the population, investment population, i believe will get 10% regulation. we are...
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Nov 8, 2012
11/12
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the tax code. that's kind of washington speak for getting rid of or eliminating a lot of tax deductions. which is really about a trillion dollars a year. so if we get rid of a lot of tax deductions and clean up the tax code, that's a way we can get new revenue and i think what he was signaling is that's the way i can get republicans to get in line with this because i'll never be able to convince them to support raising tax rates. president obama had said repeatedly that he wants the tax rates on the upper two tax brackets to increase. in his speech wednesday morning, he did not go back to that line in the sand. i mean, he said let's do tax reform, he's already called boehner and several other complains. so this is startsing out in an interesting spot. things are looking like they'll at least be back at the table. >> and the market selloff yesterday, people were attributing the fact that an obama re-election is more likely to mean we go over the cliff because then it will allow him and the gop to pu
the tax code. that's kind of washington speak for getting rid of or eliminating a lot of tax deductions. which is really about a trillion dollars a year. so if we get rid of a lot of tax deductions and clean up the tax code, that's a way we can get new revenue and i think what he was signaling is that's the way i can get republicans to get in line with this because i'll never be able to convince them to support raising tax rates. president obama had said repeatedly that he wants the tax rates...
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Oct 4, 2012
10/12
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because they already don't pay taxes. mitt romney is showing time and time again that he's going to be the president of the whole country and his plan really speaks to that both on economy, foreign policy and other points about so that there is no question this debate is important, but also you are right, there's a long time left. there's two jobs reports that are left. about 33, 34 days that are left in this campaign. it's a long time. but what you saw going into this debate are polls tightening in florida, in ohio, all across the board in the battleground states. and this will build on that momentum. and when the jobs report comes out, there will not be a positive jobs report by all expectations from president obama that will again build on that momentum and add to mitt romney really getting toward november 6th with full steam ahead. but there are two debates left. it's important for mitt romney not to have a let down in the next debate which is more of a town hall structure. and that bodes well for president obama. but
because they already don't pay taxes. mitt romney is showing time and time again that he's going to be the president of the whole country and his plan really speaks to that both on economy, foreign policy and other points about so that there is no question this debate is important, but also you are right, there's a long time left. there's two jobs reports that are left. about 33, 34 days that are left in this campaign. it's a long time. but what you saw going into this debate are polls...
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Jul 10, 2012
07/12
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they don't share the same view on taxes be, generally speaking hold wants time pleament 17% on taxes in france. david cameron was really sarcastic about the plan. he said french wealthy people, bankers and companies would be very welcome to the united kingdom to pay, for instance for british schools and public services. so probably won't become best friends even if probably the relationship would be better than the one between nicholas sarkozy and david cameron. the british prime minister and former french president couldn't stand each other. sarkozy said he was sick and tired of david cameron giving lessons to the eurozone leaders and david cameron was sick and tired of france and germany making decisions for everyone else in europe. in that want sense, francois hollande will change compared nicholas sarkozy because he showed clearly in the last couple of weeks he doesn't want to build everything on the franco-german relationship. french and german people always had some sort of love and hate relationship. let's see. >> we love you here. good to see you this morning. appreciate that
they don't share the same view on taxes be, generally speaking hold wants time pleament 17% on taxes in france. david cameron was really sarcastic about the plan. he said french wealthy people, bankers and companies would be very welcome to the united kingdom to pay, for instance for british schools and public services. so probably won't become best friends even if probably the relationship would be better than the one between nicholas sarkozy and david cameron. the british prime minister and...
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Jun 12, 2012
06/12
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if unified tax rates come in, they lose that. if you keep greece, the skost you lose irela cost is you lose ireland. >> talking about other country, cyprus is set to be the fifth eurozone nation to ask for a bailout. the banks are suffering heavy losses on greek debt losses. 4 billion euros could be asked for. the commission is ready to act if it receives a bailout request. >> of course we have to take into account the recommendations of the european commission on this issue, which are a number of structural issues you have to deal with. i feel confident together with the data i have mentioned and the proposals which we intend to put forward if necessary we'll be alto get a favorable response from europe. >>> coming up, angela merkel says she will campaign for a europe-wide financial transaction tax. the latest from frankfurt. >>> angela merkel says she will campaign in favor of a financial transaction tax after reports suggest her coalition is not that serious about pushing for eu-wide legislation. patricia has been looking at t
if unified tax rates come in, they lose that. if you keep greece, the skost you lose irela cost is you lose ireland. >> talking about other country, cyprus is set to be the fifth eurozone nation to ask for a bailout. the banks are suffering heavy losses on greek debt losses. 4 billion euros could be asked for. the commission is ready to act if it receives a bailout request. >> of course we have to take into account the recommendations of the european commission on this issue, which...
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Dec 4, 2012
12/12
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the plan would generate $800 billion in into tnew tax revenu leaves the bush era tax cuts in place for everyone. it would cut $1.2 billion in discretionary planning. it raises the eligibility anyone for medicare and changes how cost of living increases can calculated. house officials suggest the two side where is continue to negotiate ways to avoid the year end fiscal cliff. and on that team, the president will meet with a group of u.s. governors. they'll discuss possible solutions to the fiscal cliff and how it will impact their states. the group is also expected to meet with house republicans later in the week. in corporate new, sprint nextel is reportedly out of the market for metro pcs. the company won't make a counteroffer. sprint announced japan and he softbank will buy up to a 70% stake in the company. reports suggest sprint believes going after metro pcs would complicate the regulatory review of the softbank deal. sprint stock in frankfurt up just a third of 1%. and service capital reportedly in talks to join the bid for night capital. it would include silver lake partners and
the plan would generate $800 billion in into tnew tax revenu leaves the bush era tax cuts in place for everyone. it would cut $1.2 billion in discretionary planning. it raises the eligibility anyone for medicare and changes how cost of living increases can calculated. house officials suggest the two side where is continue to negotiate ways to avoid the year end fiscal cliff. and on that team, the president will meet with a group of u.s. governors. they'll discuss possible solutions to the...
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Sep 11, 2012
09/12
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expected to post pre-tax profits for the year to end 2013 of between 407 and 451 million pounds. that statement apparently delivering quite a shock to the market and it's taking shares down across the luxury secretto. >> chinese premiere is just standing up to deliver the opening address. so let's listen in. >> translator: to all distinguished guests present. in-august rated in china in 2007 has become a global forum with extensive interest. the theme of the forum this year creating the future economy is highly relevant and practical. it reflects your vision on sustainable department and meets the high expectation for a brirt future of the world economy. china has enjoyed fast economic development for over 30 years.b economy. china has enjoyed fast economic development for over 30 years.r economy. china has enjoyed fast economic development for over 30 years.g economy. china has enjoyed fast economic development for over 30 years.t economy. china has enjoyed fast economic development for over 30 years. economy. china has enjoyed fast economic development for over 30 years. during
expected to post pre-tax profits for the year to end 2013 of between 407 and 451 million pounds. that statement apparently delivering quite a shock to the market and it's taking shares down across the luxury secretto. >> chinese premiere is just standing up to deliver the opening address. so let's listen in. >> translator: to all distinguished guests present. in-august rated in china in 2007 has become a global forum with extensive interest. the theme of the forum this year creating...
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Aug 10, 2012
08/12
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china may expand property tax files to more cities. but banks out-performed after china industrial bank registered about 40% increases in first-half net profit. but interest in nonperforming lows remain a concern. hong kong finished lower by 0.7%. others fell due to weak performance in its u.s. unit. more on that from emily chen later. the nikkei lost about 1% but still had its best week since february. and china is reportedly working on investing in a struggling tv-maker. the kospi will buck the downward trend, adding 0.3%. china consumer prices fell for the first time in three years. analysts say it may prompt the bok to take action. in china, they listed the gdp forecast, but it was overshadowed by concerns from china. the index was lower about 0.7%. lastly, india is now trading lower by 0.1%. back to you, kelly. >> all right, sixuan, thanks. >>> martin wheatley is leading a review that will formally launch a look into the intrabank rate. this is on the heels of the libor rate-setting scandal which claimed the top management at barc
china may expand property tax files to more cities. but banks out-performed after china industrial bank registered about 40% increases in first-half net profit. but interest in nonperforming lows remain a concern. hong kong finished lower by 0.7%. others fell due to weak performance in its u.s. unit. more on that from emily chen later. the nikkei lost about 1% but still had its best week since february. and china is reportedly working on investing in a struggling tv-maker. the kospi will buck...
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Jun 11, 2012
06/12
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when it comes to the financial transaction tax. that happened last week. of course, what happened in the speegle article is angela merkel said, of course, we're for it, however, we doubt that this is actually manageable within the current legislative period an think we have to really stress that because i think that the opposition parties have started to move together and that the groundworks are still being laid. however, whether or not we can really see this being realized and even implemented within the current legislative period which runs to the autumn of 2030 is a big question mark and that was also said by our finance minister. so i think that two key issues at stake here, there are many meetings going on today and wednesday as well. talking about the eesm. that's something angela merkel needs to get done, especially the esm because now if more money is being needed for the spanish bank issue. the other thing is the spd is trying to exploit this. they're still moving together, especially when it comes to the financial transaction tax, i think. >> al
when it comes to the financial transaction tax. that happened last week. of course, what happened in the speegle article is angela merkel said, of course, we're for it, however, we doubt that this is actually manageable within the current legislative period an think we have to really stress that because i think that the opposition parties have started to move together and that the groundworks are still being laid. however, whether or not we can really see this being realized and even...
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Dec 11, 2012
12/12
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it's part tax. read, becky? >> like you said, we are occupying washington. this is where we've camped out all night. there's been all this talk about the fiscal cliff. we know it is fact approaching. we know it is something that would threaten not only the united states economy, but the economies around the globe. if we go over that cliff, there will be steep cuts and spending and steep tax increases that would automatically kick in. what we're doing here today is talking to our elected officials, talking to people who are involved in these talks, trying to figure out what will happen, where we are and if there's any way to avoid that cliff, if there's a good way to come about with tax reform and a close look at what's been happening on the spending side, as well. we have a lineup of a lot of gets who are here. joining us this morning, early on we'll be joined by representative jeb henserling. he will give us on some of the insight on what is happening. we're talking to senators this morning. senator ron johnson will be joining us. and grove er nordquist. he
it's part tax. read, becky? >> like you said, we are occupying washington. this is where we've camped out all night. there's been all this talk about the fiscal cliff. we know it is fact approaching. we know it is something that would threaten not only the united states economy, but the economies around the globe. if we go over that cliff, there will be steep cuts and spending and steep tax increases that would automatically kick in. what we're doing here today is talking to our elected...
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Dec 12, 2012
12/12
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i'm confident that republicans would not hold middle-class taxes hostage to try to protect tax cuts for high income individuals. >> you see president obama's full interview with barbara walters friday on "20/20." boehner is demanding more details on spending cuts. the administration has made expensive proposals to reduce spending, but the republicans haven't offered specifics on revenue hikes. >>> today the federal reserve wraps up its two-day meeting with a decision at 12:30 eastern followed by updated economic projections from fomc members at 2:00 p.m. and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for mon
i'm confident that republicans would not hold middle-class taxes hostage to try to protect tax cuts for high income individuals. >> you see president obama's full interview with barbara walters friday on "20/20." boehner is demanding more details on spending cuts. the administration has made expensive proposals to reduce spending, but the republicans haven't offered specifics on revenue hikes. >>> today the federal reserve wraps up its two-day meeting with a decision at...
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Jun 14, 2012
06/12
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this is a net result of having the tax code down the road. you have 43 tax provisions expiring, the fiscal withdraw is 4 percentage points at gdp. do the math. under status quo we get a significant fiscal contraction next year that looks like 1960 and 1969. those those fiscal contraptions led to economic recession. as you said wean you're talking about the president is that we don't have an escaped philosophy in the economy. if we had typical 5%, 6% growth, which is not atypical, you take the lamborghini from 120 to 40 or 50. in this situation, the baseline trend and gdp growth is so weak, less than 2%. let's assume congress can kick half of this down the road. i don't think there's an easy way out. >> thank you so much for joining us early. >>> still to come, we'll be back out in madrid as the bond yields break through the 7% barrier. >>> we'll find out who is in the running for the u.s. open when we come back. could tyler get back on a major trail? > >>> so the maximum amount of debt targeted its latest auction. we'll have more on that. >>>
this is a net result of having the tax code down the road. you have 43 tax provisions expiring, the fiscal withdraw is 4 percentage points at gdp. do the math. under status quo we get a significant fiscal contraction next year that looks like 1960 and 1969. those those fiscal contraptions led to economic recession. as you said wean you're talking about the president is that we don't have an escaped philosophy in the economy. if we had typical 5%, 6% growth, which is not atypical, you take the...
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Jun 21, 2012
06/12
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it needs a more accessible tax system and tax evasion is a huge wound to italy's credibility. >> not just greece. spain has seen its borrowing costs rise at auction of medium term debt. the spanish government is prepared to release the results of a banking spector audit. the spanish banks very much in focus. we've seen the ten year coming off, those quite substantially in terms of the yield. we were at 7.1% a couple of days ago. stefan joins us out of madrid. to recap us, what exactly is taking place today out of spain? >> reporter: we just had the bond auction which went quite well. the demand was very strong. it's expensive, very expensive for the spanish government. the yields are much higher than the last auction, the highest one in 15 years for the two year bond spain was asked to pay 4.7%, up from 2.06% the last time. for the three year bond, have to pay 5.54% up from 4.8% the last time and for the five year note it was asked to pay a bit more than 6% and that's to compared to less than 5% the last time. so the borrowing costs are extremely high, clearly unsustainable in the lo
it needs a more accessible tax system and tax evasion is a huge wound to italy's credibility. >> not just greece. spain has seen its borrowing costs rise at auction of medium term debt. the spanish government is prepared to release the results of a banking spector audit. the spanish banks very much in focus. we've seen the ten year coming off, those quite substantially in terms of the yield. we were at 7.1% a couple of days ago. stefan joins us out of madrid. to recap us, what exactly is...
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Jun 13, 2012
06/12
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., the consumption tax in japan. that a step in the right direction. if that's the only step, their markets might lose confidence and then, you know, four years down the line they might say, nope, we've had enough of japan's debt. on the other hand, if the government keeps doing and implementing reforms, that might give them a longer stay of execution. >> one point. what do western governments have to learn therefore from the japanese government they can sustain bond yields where they are with debt to gdp over 00%, if you like? what would be their advice to western leader? >> declining population and structural trend growth your bond yield will stay put. >> try and sell that one. that would go well. thank you very much, japanese economist at capital economics. >>> italy in the spotlight. investors are concerned about the possibility of the country also being in line for a bailout despite monti. they have a auction as well. thehere are >>> here are the headlines from around the imploeb. spanish prime minister vows to overhaul his country's banking syste
., the consumption tax in japan. that a step in the right direction. if that's the only step, their markets might lose confidence and then, you know, four years down the line they might say, nope, we've had enough of japan's debt. on the other hand, if the government keeps doing and implementing reforms, that might give them a longer stay of execution. >> one point. what do western governments have to learn therefore from the japanese government they can sustain bond yields where they are...
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Jul 12, 2012
07/12
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is getting bigger, latest estimation say that at least one-third of the spanish economy is not off tax with the risk of hike of v.a.t. for black economy is getting bigger and bigger, hence the demonstrations we've seen yesterday. >> thanks very much for that. christina fernandez managed to avoid a george bush pretzel choking moment. the argentinian president accused the paper of double standards over its reporting on spanish economic woes compared to reporting on argentina's 2001 crisis. she also insulted the finance minister. >> translator: european union put spain on the fuselage. look at the bald guy. you have that bald man poingt with his finishinger and seeing that picture. it reminded me of things i'm telling you it almost upset my breakfast. i almost choked on my toast. it remindeemin me of times of policy intervention. >> pretty incredible moment there. where she's kind of vaguely insulting the spanish prime minister by calling him the bald guy and i guys if you're an argentinian it's perhaps a moment where you feel national pride. i'm not sure how that kind of thing goes over.
is getting bigger, latest estimation say that at least one-third of the spanish economy is not off tax with the risk of hike of v.a.t. for black economy is getting bigger and bigger, hence the demonstrations we've seen yesterday. >> thanks very much for that. christina fernandez managed to avoid a george bush pretzel choking moment. the argentinian president accused the paper of double standards over its reporting on spanish economic woes compared to reporting on argentina's 2001 crisis....
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Apr 12, 2012
04/12
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at the say a sales tax should be extended to pnks services and the fiscal gaps out of their member status are larger in japan, u.s., uk, ireland and luxembu luxemburg. industrial output down 1.8% on the year. january output revised to flat on the month. industrial output forecast minus 0.2%. in fact a little better than we might have thought. stefan, do you take any comfort from that data? >> not really, because if i read correctly, there is a big increase in energy output. that's weather related. so that mean that if you strip out the energy sector -- >> biggest rise on record. >> exactly. so you're probably left with the manufacturing sector being still quite weak. we have negative number for q1. i think it's -- >> how long is that negative growth stay? >> we have a negative number in q1 and small negative in twchlt 2, as well. >> and plenty administer to come from stefan. what's greece up to? they'll have a snap election. i actually have what they're saying. january unemployment at 21.8% from 21% in december. so still getting worse in greece, as well. let's remind you what's going on t
at the say a sales tax should be extended to pnks services and the fiscal gaps out of their member status are larger in japan, u.s., uk, ireland and luxembu luxemburg. industrial output down 1.8% on the year. january output revised to flat on the month. industrial output forecast minus 0.2%. in fact a little better than we might have thought. stefan, do you take any comfort from that data? >> not really, because if i read correctly, there is a big increase in energy output. that's weather...